Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of deferred leasing cost and lease intangibles

The following summarizes the Company’s deferred leasing costs and intangibles as of:


	September 30, 2021		December 31, 2020
Deferred leasing costs and in-place lease intangibles	$	347,164	$	352,903
Accumulated amortization	(142,957)		(127,180)
Deferred leasing costs and in-place lease intangibles, net	204,207		225,723
Below-market ground leases(1)	72,469		72,916
Accumulated amortization	(15,628)		(13,831)
Below-market ground leases, net	56,841		59,085
Above-market leases	2,124		2,802
Accumulated amortization	(1,530)		(1,774)
Above-market leases, net	594		1,028
Customer relationships	52,500		—
Accumulated amortization	(809)		—
Customer relationships, net	51,691		—
Non-competition agreements	5,300		—
Accumulated amortization	(114)		—
Non-competition agreements, net	5,186		—
Trade name	17,100		—
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET	$	335,619	$	285,836

Below-market leases	$	84,947	$	98,365
Accumulated amortization	(45,490)		(50,054)
Below-market leases, net	39,457		48,311
Above-market ground leases	1,095		1,095
Accumulated amortization	(295)		(262)
Above-market ground leases, net	800		833
INTANGIBLE LIABILITIES, NET	$	40,257	$	49,144

__________________

1.During the three and nine months ended September 30, 2021, the Company recognized an impairment loss of $0.4 million related to below-market ground leases at its Del Amo office property. See Note 4 for details. The loss is recorded in impairment loss on the Consolidated Statements of Operations.

Schedule of amortization during period

The Company recognized the following amortization related to deferred leasing costs and intangibles:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Deferred leasing costs and in-place lease intangibles(1)	$	(11,540)	$	(9,936)	$	(34,761)	$	(30,800)
Below-market ground leases(2)	$	(600)	$	(598)	$	(1,797)	$	(1,796)
Above-market leases(3)	$	(73)	$	(120)	$	(573)	$	(472)
Customer relationships(4)	$	(809)	$	—	$	(809)	$	—
Non-competition agreements(4)	$	(114)	$	—	$	(114)	$	—
Below-market leases(3)	$	3,096	$	2,575	$	8,854	$	7,935
Above-market ground leases(2)	$	11	$	11	$	33	$	33

__________________

1.Amortization is recorded in depreciation and amortization expenses and office rental revenues on the Consolidated Statements of Operations.

2.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations.

3.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.

4.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations.